TurboTax

File with experts
File your taxes
Experts at your fingertips

An expert helps with your taxes, or does them for you
TurboTax Expert Full Service

TurboTax Expert Assist

TurboTax Self-Employed
Prior year taxes
File myself
File myself
Do it yourself

We'll guide you step-by-step
TurboTax Do It Yourself

TurboTax Self-Employed

TurboTax Desktop
TurboTax Free

Activate your product

Prior year taxes
Business
Business
Business taxes

Get your T2 corporate return done right, your way
TurboTax Business

TurboTax Business Desktop
Tax situations
Tax situations
Tax situations

Find extra guidance for your big life moves
For investors

For 25 and younger

For self-employed

For new to Canada

For life changes
Resources
Resources
Resources

Explore tax tools, get tips, and read reviews
Personal income tax calculator

RRSP savings calculator

Learning hub

TurboTax support (FAQ)

TurboTax community
Pricing

Level 2

Question

Please help farm question

Forum|Forum|5 years ago
October 16, 2020
1 reply
7 views

First time using turbo tax. I have a small farm. I’m using depreciation report from 2018 return. I’ve set up assets but initial purchase of land is listed in this report. How do I deal with this.

Level 15

Land is a non depreciable asset that IS listed in the asset section however it is indicated as land which will not apply a deduction for depreciation.

cdstepperAuthor

Level 2

Would I enter it as non residential?

Level 15

Yes ... it is non residential but only if it is part total cost of the buildings with land included in the purchase price. If it is simply raw land with no barns or other buildings then you can skip entering in the land and keep the info in your records for later.